Amendments To Social Security Schemes

The Finance Minister in his budget speech had announced the increase of the statutory wage ceiling from the existing level of INR 6,500/month to INR 15,000/month as well as the payment of a minimum pension of INR 1,000/month for all members of the pension scheme. Recently, the Ministry of Labour & Employment, Government of India (MLE) has issued notifications and made amendments to the Employees’ Provident Fund Scheme, 1952 (EPF), Employees’ Pension Scheme, 1995 (EPS) and Employees’ Deposit Linked Insurance Scheme, 1976 (EDLI) effective from September 1, 2014. The key amendments are listed in this attached report by PwC

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